Gold rises ahead of key US inflation data, ounce tops $4,400
Gold prices climbed nearly 1% as investors await US inflation data, with easing bets on a Federal Reserve rate hike next month supporting gains.
Gold prices surged nearly 1% on Monday as investors awaited US inflation data, with expectations of a Federal Reserve interest rate hike next month fading. The precious metal climbed to $4,406.34 per ounce, while US gold futures for December delivery rose to $4,466.70. This marked a 10-week high for gold before it hit technical resistance at the 100-day moving average near $4,387 and settled lower for the second time this month.
Kelvin Wong, senior market analyst at OANDA, attributed the gold rally to the decreased probability of a Federal Reserve rate hike in September, which now stands at 50% according to CME Group’s FedWatch tool, down from 60% before the jobs report. Silver saw a 1.2% increase, trading at $65.46 per ounce, while platinum and palladium gained 0.6% and 0.8% respectively, reaching $1,754.10 and $1,370.86.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
